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6/13/24, 10:39 AM Abu Dhabi’s First IPO of the Year Slumps in Rare Debut Drop (1)
Abu Dhabi’s First IPO of the Year Slumps in Rare Debut Drop (1)
Farah Elbahrawy
Bloomberg News
Share offering had earlier drawn $20 billion of orders
Abu Dhabi companies jumped 31% on average in debuts since 2021
Alef Education Holding Plc shares dropped on their Abu Dhabi debut, a rarity in the
Middle East where initial public offerings have typically yielded near-guaranteed returns
in early trading.
The shares fell as much as 19% from the offer price of 1.35 dirhams apiece, before
paring the decline to close 13% lower. That contrasted with the strong demand for the
stock when the IPO was unveiled — investors put in orders worth $20 billion and the
deal, which priced at the top of the range and raised 1.89 billion dirhams ($515 million),
was 39 times oversubscribed.
“Opening up below IPO ...
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